Cambridge, Massachusetts-based radiopharmaceutical startup Artbio has secured $132 million in Series B funding to advance its lead prostate cancer treatment and expand manufacturing capabilities. The company, led by former Novartis executive Emanuele Ostuni, is positioning itself to compete directly with established players in the rapidly growing radiopharmaceutical oncology market.
Novel Lead-212 Technology Platform
Artbio's most advanced program, AB001, targets metastatic castration-resistant prostate cancer using a lead-based radioactive isotope called Pb-212. This approach differs significantly from existing radiopharmaceuticals in the market. While Novartis' Pluvicto uses lutetium-177 and Bayer's Xofigo employs radium-223, Artbio's AB001 leverages Pb-212 technology that the company believes can deliver radiation to tumors more rapidly.
"The drug could provoke a more durable and efficacious response in metastatic castration-resistant prostate cancer patients," said Ostuni, highlighting the potential advantages of the lead-212 approach over current treatment options.
Clinical Development Progress
The company has already published initial safety data from a small, first-in-human trial in the Journal of Nuclear Medicine in May. Building on these early results, Artbio plans to initiate a Phase 1 trial "imminently" this year, with the new funding supporting progression through mid-stage clinical trials.
The radiopharmaceutical field has gained significant momentum following the clinical and commercial success of treatments like Pluvicto, leading to the formation of more than a dozen startups in recent years and multiple acquisitions by large pharmaceutical companies.
Manufacturing and Supply Chain Strategy
Beyond clinical development, Artbio is simultaneously building production capacity to support global studies and eventual commercialization. This parallel approach addresses a critical challenge in radiopharmaceutical development, where supplies of radioactive materials are limited and drugs must be manufactured and delivered through intensive supply chains.
The company has developed proprietary technology to simplify isotope generation, which Maha Katabi, a general partner at Sofinnova Investments, described as a "game-changer for navigating around supply and production challenges."
"It's important that we don't just build a great molecule and a great clinical development program, but we also build the technology to isolate the isotope and manufacture the drug product," Ostuni explained.
Strategic Partnerships and Funding
Since its founding, Artbio has established partnerships with biotech companies including Parabilis (formerly FogPharma), AlphaGen Therapeutics, and 3B Pharmaceuticals. The company previously raised $90 million in Series A funding in 2023.
The Series B round was led by Sofinnova Investments and B Capital, with participation from F-Prime Capital, Omega Funds, Third Rock Ventures, Qatar Investment Authority, and Alexandria Venture Investments. The dual-location company operates from both Cambridge, Massachusetts, and Oslo, Norway.
